21 and 22 DEC 2015

1)Culture of Karnataka :-

Background – Address by the President of India at the second Annual Convocation of the Central University of Karnataka . Thought the address itself is not important , however he touched upon few things that are part of our course and culture.

Karnataka is a historical land marked by its multi-cultural, multi-ethnic and multi-lingual nature. Buddhism, Jainism, Veera-shaivism or Lingayitismand Islam have flourished here

TheVachana Movement, Sufi saints, Keertanakaras and the Thatva Padakaaras have shaped the hearts and minds of the people of this region. Urdu and Persian literatures have flourished here and so to Kannada folk literature, which gave this region its indigenous identity.

It is the seat of two universities in the past –Anubhava Mantapa of Basavannaand Mahmud Gawan’s Madrsa– both of which attracted intellectuals from across the country and abroad.

It is also worth mentioning aboutSannati, an ancient Buddhist centre of learning, and Nagavi Ghatikasthan.

Lingayatism /Veera- Shaivism and Basavanna:-

It is a distinct Shaivite denomination practiced in India. It makes several departures from mainstream Hinduism and propounds monotheism through worship centered on Lord Shiva (formless, infinite god) in the form of Ishtalinga.

Contemporary Lingayatism is a rich blend of reform-based theology propounded by Basava and ancient Shaivite tradition and customs, with huge influence among the masses in South India, especially in the state of Karnataka

108 Feet Basava Statue at Bidar

Anubhava Mantapa was an academy of mystics, saints and philosophers of the Lingayat faith in the 12th century. It was the fountainhead of all religious and philosophical thought pertaining to the Lingayat.

It was presided over by the mystic Allama Prabhu and numerous Sharanas from all over Karnataka and other parts of India were participants. This institution was also the fountainhead of the Vachana literature which was used as the vector to propagate Lingayata religious and philosophical thought.

Other giants of Lingayat theosophy like Akka Mahadevi, Channabasavanna and Basavanna himself were participants in the Anubhava Mantapa. The Anubhava Mantapa was originally called the Shivanubhava Mantapa

Vachana Sahitya:-

Vachana sahitya is a form of rhythmic writing in Kannada that evolved in the 11th century C.E. and flourished in the 12th century, as a part of the Sharna movement. The word vachanas literally means “(that which is) said”.

Poets – Madara Chennaiah, Basava

Mahmud Gawan’s Madrsa:-

The Madrasa of Mahmud Gawan (Madrasa-e-Mahmud Gawan) is an ancient university located in Bidar – the City of Whispering Monuments. This heritage structure is placed under the list of monuments of national importance. Founded by the prime-minister of the Bahamani empire in the late 15th century, it bears testimony to the scholarly genius of Mahmud Gawan.

Mahmud reportedly built the madrasa with his own money and it functioned like a residential University

The survey covers all the Higher Education (HE) institutions of the country including Universities, Colleges and Stand-Alone institutions. The entire survey has been voluntary, based on motivation of respondents; and without any statutory mandate in place for collecting information of this nature

The major findings of the AISHE 2014-15 are as follows –

Increase in overall enrolment from 27.5 million in 2010-11 to 33.3 million in 2014-15

Improvement in Gross Enrolment Ratio which is a ratio of enrolment in higher education to population in the eligible age group (18-23) years from 19.4% on 2010-11 to 23.6% in 2014-15

Gender Parity Index (GPI), a ratio of proportional representation of female and male, has marginally improved from 0.86 to 0.93 to the corresponding period.

Number of institutions of higher education listed on AISHE portal has also increased significantly

The Survey was initiated in the year 2011 to prepare a robust data-base on higher education. Keeping in view the usefulness of data collected during the very first year, Ministry decided to make this survey an annual exercise of data collection in higher education sector.

4)Insurance Cover to Unorganised Labourers –

The Government has enacted ‘Unorganised Workers’ Social Security Act, 2008’ for the welfare of unorganised workers. The Act provides for formulation of suitable welfare schemes for unorganised workers on matters relating to:

(i) life and disability cover,

(ii) health and maternity benefits,

(iii) old age protection

(iv) any other benefit as may be determined by the Central Government through the National Social Security Board.

The Rashtriya Swasthya Bima Yojana (RSBY) implemented by Ministry of Health and Family Welfare is a health insurance scheme which provides health and maternity benefits to the unorganized workers, listed in the Schedule I of the Unorganised Workers’ Social Security Act, 2008.

Ministry of Labour and Employment implements Aam Aadmi Bima Yojana (AABY) which covers death and disability along with a scholarship component for 2 children studying in class 9th to 12th standard

5) T K Vishwanathan Committee recommendation on Bankruptcy Law:-

Background:-

These changes are much-needed in the Indian context where, in most cases of large corporate defaults, banks are sitting ducks when it comes to recovery of money like in the case of Rs 7,000 crore default by Vijay-Mallya owned Kingfisher Airlines.

When the recovery process gets delayed by several years, the value of the underlying assets deteriorates. Large corporate defaults, including those by willful defaulters (promoters and companies, which have the ability to repay but wouldn’t do) form a significant part of the Rs 300,000 crore gross non-performing assets (NPAs) of Indian banks.

According to a 2014 World Bank report, the average time to resolve insolvency is four years in India, compared with 0.8 in Singapore and one year in London. The Vishwanathan panel too has observed that, the loan recovery rates obtained in India are among the lowest in the world. When default takes place, broadly speaking, lenders seem to recover 20 percent of the value of debt.

The biggest challenge for the bankruptcy code to work, however, is the intervention of judiciary in the insolvency cases

Recommendations:-

It proposes creation of an insolvency regulator and setting a time limit of 180 days (which can be 90 days in special cases) to deal with insolvency resolution cases

If 75 percent of the creditors approve the plan, the insolvency resolution process can kick off. If not, the adjudicating authority can order liquidation of the company

It also recommended an administrative mechanism for resolving financial distress of viable MSMEs

Speedy judicial resolution

Provide a predictable system for

(a) takeover of management or assets by the company administrator as part of the rescue process, and

(b) governing the interrelationship between such administrator, the managerial personnel and the shareholders in the event of such takeover.

Provide an enabling provision for raising ‘rescue finance’ and granting super-priority to such financiers as part of a scheme of revival

Insolvency:-When an individual or organization can no longer meet its financial obligations with its lender or lenders as debts become due. Insolvency can lead to insolvency proceedings, in which legal action will be taken against the insolvent entity, and assets may be liquidated to pay off outstanding debts

Bankruptcy:-Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.

Bankruptcy is not the only legal status that an insolvent person or other entity may have, and the term bankruptcy is therefore not a synonym for insolvency. In some countries, including the United Kingdom, bankruptcy is limited to individuals, and other forms of insolvency proceedings (such as liquidation and administration) are applied to companies. In the United States, bankruptcy is applied more broadly to formal insolvency proceedings.

Bankruptcy vs Insolvency :-

A state of insolvency can lead to bankruptcy. However, it is also possible that the state of insolvency could be temporary and fixable. Thus, insolvency does not necessarily lead to bankruptcy, but all bankrupt legal entities or persons are deemed to be insolvent.